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09/12
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will the middle classbe the biggest loser if we go off the fiscal cliff? >> america will be the biggest loser if we go off that cliff. i hope, as does everybody else, after this political season gets out of the way, the lame duck congress will come to some kind of agreement and conclusion to prevent that. all this lamenting and crying over the loss of the middle class in america. we have to put that in context. the definition of what middle class america means has changed over the last 20th century, farmers who moved into industrial jobs. we don't lament the guys that stood in front of blast furnaces we saw in our old high school videos making steel. technology and growth changed things. we live in a global economy. we can't change that. the best thing we can do to bring middle class america back is have economic growth. we won't have that until we have some kind of political leadership. i'm particularly talking about congress to set tax policies and get us out of this constant deficit. >> that's a very good point, why we brought up the fiscal cliff, quite
will the middle classbe the biggest loser if we go off the fiscal cliff? >> america will be the biggest loser if we go off that cliff. i hope, as does everybody else, after this political season gets out of the way, the lame duck congress will come to some kind of agreement and conclusion to prevent that. all this lamenting and crying over the loss of the middle class in america. we have to put that in context. the definition of what middle class america means has changed over the last...
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Dec 21, 2012
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the pentagon from the fiscal cliff cut. as far as the automatic across the board tax hikes are concerned that are part of the fiscal cliff it is now up to senate democrats. here's his statement the house has already passed legislation to stop all of the january 1st tax rate increases and replaces sec quest tore with responsibility spending cuts that will begin to address our nation's crippling debt. the senate must now act. here is the response from the white house. the president will work with congress to get this done. we are hopeful we will be able to find a bipartisan solution that protects the middle class and our economy. after today the entire congress is on christmas vacation returning later next week. we may see turmoil in the market because of this failed vote last night. dow futures are already down this morning. back to you guys. >>> do you luzader, thank you. >> it is time now to entertain this. season two of the x factor has come to a close and the winner is... d tate stevens. >> country singer tate stevens co
the pentagon from the fiscal cliff cut. as far as the automatic across the board tax hikes are concerned that are part of the fiscal cliff it is now up to senate democrats. here's his statement the house has already passed legislation to stop all of the january 1st tax rate increases and replaces sec quest tore with responsibility spending cuts that will begin to address our nation's crippling debt. the senate must now act. here is the response from the white house. the president will work with...
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Dec 1, 2012
12/12
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go to oralb.com for the latest offers. >>> the fiscal cliff means a lot of things are on the cutting block right now. one involves the most dependable of cuts are mortgages. >> you basically have 270 degrees of pure ocean. >> amazing views, luxury bathrooms and a gourmet kitchen. the owner of this $8 million penthouse in coconut grove, florida is eager to sell it before the end of the year. capital gains taxes will go up for homeowners with a lot of equity in their homes selling now could make a big difference. >> if you're looking at a $10 million sale price and 5 mill$5 million equity in the home, the capital gains is $5 million. in theory, there's a half a million dollar savings for seller and buyer to get the deal done. >> some possible outcomes of the fiscal clif negotiations could have a major impact on you. congress could limit the amount of home mortgage interest homeowners could write off on their taxes. one proposal would cap the deduction at $500,000, half of what it now is. lawmakers also may limit tax breaks for second homes. distressed homeowners also could see major ch
go to oralb.com for the latest offers. >>> the fiscal cliff means a lot of things are on the cutting block right now. one involves the most dependable of cuts are mortgages. >> you basically have 270 degrees of pure ocean. >> amazing views, luxury bathrooms and a gourmet kitchen. the owner of this $8 million penthouse in coconut grove, florida is eager to sell it before the end of the year. capital gains taxes will go up for homeowners with a lot of equity in their homes...
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Nov 29, 2012
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>> nick, let's talk about the other side of this fiscal cliff negotiations and those are cuts. bowles told reporters yesterday it seemed as though republicans were clear there's a need for revenue and democrats need to recognize the need for entitlement reform. what exactly do you think, if you can peer into your crystal ball, what's exactly on the table here. you know, are we going to get -- >> i can't see the crystal ball. it's in the studio. >> are we going to get significant entitlement reform or are we probably going to be left with at best maybe raising the retirement age for social security or raising the eligibility age for medicare? >> you know, i'd be very surprised to see social security be a part of the discussion here. >> at all? >> because it's not really kind of a huge driver of the deficit we're talking about right now. it's really the health care programs. but i think if you just pull back and make it really simple for a second, what you see are the democrats are saying, wait a second. increasing taxes a little bit on the rich or significantly on the rich, howe
>> nick, let's talk about the other side of this fiscal cliff negotiations and those are cuts. bowles told reporters yesterday it seemed as though republicans were clear there's a need for revenue and democrats need to recognize the need for entitlement reform. what exactly do you think, if you can peer into your crystal ball, what's exactly on the table here. you know, are we going to get -- >> i can't see the crystal ball. it's in the studio. >> are we going to get...
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Sep 28, 2012
09/12
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cliff, the spending cuts and tax hikes that will kick in next year if congress and the administration can't end the rancor and agree on how to handle the deficit. the ratings agency fitch said today uncertainty about u.s. fiscal policy is the single biggest near-term threat to the global recovery. when you see washington act the way it's been acting, does it make you more cautious? hr of course. >> reporter: bayard winthrop launched american giant, a new men's clothing business in san francisco this year. but the indecision in washington, he says, is holding him back. >> it doesn't breed a lot of optimism. so we're hiring, but we're not hiring as aggressively as i think we would be if i had real confidence that we were on a pathway towards growth nationally. >> reporter: so in effect, washington is undermining the ionomy. >> i think that the lack of substantial and positive debate is undermining the economy. >> reporter: one piece of good news today, weekly first-time unemployment claims dropped to a two-month low. bor the labor department says the economy actually added nearly 400,00
cliff, the spending cuts and tax hikes that will kick in next year if congress and the administration can't end the rancor and agree on how to handle the deficit. the ratings agency fitch said today uncertainty about u.s. fiscal policy is the single biggest near-term threat to the global recovery. when you see washington act the way it's been acting, does it make you more cautious? hr of course. >> reporter: bayard winthrop launched american giant, a new men's clothing business in san...
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Nov 27, 2012
11/12
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so, for instance, if we cut military spending the way the fiscal cliff will, that is not quite as detrimental as eradicating or irrevocably changing medicare and medicaid. they're just not equal -- >> and i think, professor peterson, all of us agree when people talk about medicare and social security, they do it with a callousness which is unconscionable and that's what you're talking about. >> yes. >> okay. well, we've heard some optimism that republicans, as we were saying earlier, are about to divorce grover norquist. take a listen to senator chuck schumer this afternoon. here he is. >> republicans are saying they want a divorce from grover norquist, but with each new republican disavowing grover norquist, the chances of a deal rises sharply. >> david, you're a historian of these things. is the ring actually going to come off or are these just impure thoughts that grover has said some republicans are having? >> i think grover norquist is probably one of the happiest guys in washington this week. it seems as if he is the big 800-pound gorilla who dictates policy. i have to bleach that t-- b
so, for instance, if we cut military spending the way the fiscal cliff will, that is not quite as detrimental as eradicating or irrevocably changing medicare and medicaid. they're just not equal -- >> and i think, professor peterson, all of us agree when people talk about medicare and social security, they do it with a callousness which is unconscionable and that's what you're talking about. >> yes. >> okay. well, we've heard some optimism that republicans, as we were saying...
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Dec 31, 2012
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you have half of those cuts in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts. and that also would have a better outcome for our economy in long term. but, you know, so far at least, congress has not been able to get this stuff done, not because democrats in congress don't want to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> when you talk about a dysfunction in washington, you signed this legislation setting up the fiscal cliff 17
you have half of those cuts in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called...
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Sep 22, 2012
09/12
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especially if we fall off of the fiscal cliff. if we had the deep spending cuts and increases in taxes that are part of the worst-case scenario. in that case we will probably get a contraction by gdp. that will definitely put us in a painful recession, unemployment will soar well above 10%. gerri: you look at what happened as we approach this fiscal cliff. the one, two, three punch, if you will. the bush tax cuts go away. that hurts. then we have obamacare taxes that come into play. finally, the alternative minimum tax. that starts to hurt millions of americans. there are all kind of additional taxes that come into play also. it is my feeling that americans really do not know the breath of changes that they will be facing coming next year. >> the average tax increase will be close to $4000 for each and every american. that will prove costly. one thing we want to remember is that the united states went through a period where there was a sharp contraction through government. i am talking about the end of world war ii. since we have
especially if we fall off of the fiscal cliff. if we had the deep spending cuts and increases in taxes that are part of the worst-case scenario. in that case we will probably get a contraction by gdp. that will definitely put us in a painful recession, unemployment will soar well above 10%. gerri: you look at what happened as we approach this fiscal cliff. the one, two, three punch, if you will. the bush tax cuts go away. that hurts. then we have obamacare taxes that come into play. finally,...
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Nov 29, 2012
11/12
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the fiscal cliff? >> listen, there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible question ] going over the fiscal cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag a
the fiscal cliff? >> listen, there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible...
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Dec 31, 2012
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you've got half of those cuts in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now, if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester, these automatic spending cuts, and that also would have a better outcome for our economy in the long term. but, you know, so far, at least, congress has not been able to get this stuff done. not because democrats in congress don't want to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> you talk about a dysfunction in washington. you signed this legislation setting up the fiscal cliff 17
you've got half of those cuts in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now, if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's...
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Nov 26, 2012
11/12
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cliff. republican senator bob corker says lawmakers need to show some political courage to prevent tax increases and spending cuts from taking effect january 1st. >> there's a menu of options on the revenue side and on the entitlement side, and while there are two parties, they are willing to solve this problem, this is a very easy thing to do technically. >> reporter: republicans are hinting they may be open to a compromise that raises revenue but many are still firm they won't let bush-era tax cuts expire for the wealthiest americans. >> i would be very much opposed to raising tax rates but i do believe we can close a lot of loop holes. >> reporter: democrats say just closing loop holes and limiting deductions is not enough to make a dent in the nation's $16 trillion deficit. >> you've got to raise additional revenues, including tax rates on the wealthy. those have to go up. they have to go up. >> reporter: but many republicans believe the best way to close the gap is reform entitlement pr
cliff. republican senator bob corker says lawmakers need to show some political courage to prevent tax increases and spending cuts from taking effect january 1st. >> there's a menu of options on the revenue side and on the entitlement side, and while there are two parties, they are willing to solve this problem, this is a very easy thing to do technically. >> reporter: republicans are hinting they may be open to a compromise that raises revenue but many are still firm they won't let...
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Dec 1, 2012
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. >> how do republicans change that message, because we're in the middle of fiscal cliff negotiations, and all you hear are about preserving tax cuts for the wealthiest americans. that just feeds into this lack of connecting to the middle class that's been a problem. >> here's your answer and it's difficult and nuanced. traditionally republicans economic message that resonated with the middle class is our taxes will be lower on you. democrats have co-opted on that. they promise taxes on the middle class but do it simultaneously with giving high spending that. cannot last forever so republicans have to make people realize that is a utopia that doesn't exist. you can't have low taxes and high spending that democrats are currently promising. >> we've had $520 billion spent on jobless benefits over the past five years, and i bet they are probably pretty evenly divided between republicans and democrats and the big message on government spending has been distorted because we've had a crazy recession. i want to bring in anna because the president built that winning location of african-americ
. >> how do republicans change that message, because we're in the middle of fiscal cliff negotiations, and all you hear are about preserving tax cuts for the wealthiest americans. that just feeds into this lack of connecting to the middle class that's been a problem. >> here's your answer and it's difficult and nuanced. traditionally republicans economic message that resonated with the middle class is our taxes will be lower on you. democrats have co-opted on that. they promise...
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Oct 26, 2012
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falling off the fiscal cliff or ending the bush-era tax cuts? a new survey of economists reveals the tax would cost the u.s. economy about $200 billion next year. that is twice the cost of automatic government spending cuts. here to weigh in matt welch, editor-in-chief at "reason" magazine. i was surprised to look at these stats. the fiscal cliff, sequestration, we made that into such a huge deal. to think that the impact from that is half the size of what we would see from the expiration of these tax cuts was surprising to me. >> it actually isn't a surprise. when people have done research into how do bridge fiscal deficits across a lot of different countries they have consistently come to the con -- conclusion tax hikes hurt the economy. that the efforts that work the best are ones that involve the biggest government cuts, not just in terms of the economy. government cuts is much better for the economy than cutting, than increasing taxes, but also for having an enduring fiscal, sort of package that lasts. deficit reduction package that last. >
falling off the fiscal cliff or ending the bush-era tax cuts? a new survey of economists reveals the tax would cost the u.s. economy about $200 billion next year. that is twice the cost of automatic government spending cuts. here to weigh in matt welch, editor-in-chief at "reason" magazine. i was surprised to look at these stats. the fiscal cliff, sequestration, we made that into such a huge deal. to think that the impact from that is half the size of what we would see from the...
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Sep 27, 2012
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poem are talking about about the fiscal cliff coming and new tax increases and spending cut us. but the really problem is in february when out of the necessity who is president will have to go to the congress and say we need a trillion or two trillion in borrowing authority to pay our debts. we have got i mean, this is a conservative message which people, whether they agree with you or not. >> this is real. >> this is real. and we are on a spending binge. >> woodward will appear on "fox and friends" to discuss the economy and next fiscal cliff is just around the corner. there are fewer than 100 days before we reach that impending fiscal cliff. the expiration of bush tax cuts the start of a trillion dollars of budget cuts. tax magedon is unsettling to one large segment of the economy and mike emanuel explains. >> many small business owners are expressing anxiety as the u.s. economy faces the fiscal cliff. that is in tax hikes and government spending cut to do you to take affect in the new year. >> i want to grow and invest in the community and holding things back just because of
poem are talking about about the fiscal cliff coming and new tax increases and spending cut us. but the really problem is in february when out of the necessity who is president will have to go to the congress and say we need a trillion or two trillion in borrowing authority to pay our debts. we have got i mean, this is a conservative message which people, whether they agree with you or not. >> this is real. >> this is real. and we are on a spending binge. >> woodward will...
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Dec 30, 2012
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half of those cuts are in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the sequester. these automatic spending cuts. and that also would have a better outcome for our economy long term. but, you know, so far at least, congress has not been able to get this stuff done. not because democrats in congress don't want to go ahead and cooperate, but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> when you talk about a dysfunction in washington, you signed this legislation setting up the fiscal cliff 17 months ago
half of those cuts are in defense alone. >> well, the other part of the fiscal cliff is congress agreed that they would cut an additional $1.2 trillion in spending. they put a committee together to try to come up with those numbers. they didn't figure out how to do it. and so what we now have is a situation where these automatic spending cuts go into place. now if we have raised some revenue by the wealthy paying a little bit more, that would be sufficient to turn off what's called the...
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let love shine. >>> act three of the fiscal cliff theater piece begins today. it is wednesday, december 5th, and this is "now." >>> joining me today benjamin wallace wells of "new york" magazine, the "washington post's" melinda headenberger, msnbc political analyst and former dnc communications director karen finney and senior national correspondent for bloomberg business week josh green. round three has begun. two days after the republican fiscal cliff counter offer, both sides are coming out swings. speaker john boehner defended his proposal this morning, adopting a page from the dem's fairness playbook. >> the revenues we're putting on the table are going to come from, guess who? the rich. closing loopholes, especially on those who are wealthy, is a better way to raise this revenue than raising
let love shine. >>> act three of the fiscal cliff theater piece begins today. it is wednesday, december 5th, and this is "now." >>> joining me today benjamin wallace wells of "new york" magazine, the "washington post's" melinda headenberger, msnbc political analyst and former dnc communications director karen finney and senior national correspondent for bloomberg business week josh green. round three has begun. two days after the republican fiscal...
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Jun 21, 2012
06/12
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chairman, when you speak of the fiscal cliff, typically you don't differentiate between the automatic tax hike of that and the automatic spending cuts which leaves the impression that you're giving equal weight to both sides. as some would contend that the automatic tax hikes would be more onerous. how do you parse the relative importance of those two aspects and if i may be permitted, i'm also curious to know how the fed is going to conduct open market operations if as the new york fed statement says by the end of this year they'll essentially have no short-term securities to use? >> well, on the fiscal cliff, just the way that the programs are set up, the dollar amount associated with the tax cut expirations including the payroll tax cut and so on is larger than the spending cuts, as i understand it, but i'm not making any judgment about individual programs and the prm point here is that putting all these things together is you have a substantial withdrawal of income from the economy that will affect spending and will affect the ability of the economy to recover in the short run. in
chairman, when you speak of the fiscal cliff, typically you don't differentiate between the automatic tax hike of that and the automatic spending cuts which leaves the impression that you're giving equal weight to both sides. as some would contend that the automatic tax hikes would be more onerous. how do you parse the relative importance of those two aspects and if i may be permitted, i'm also curious to know how the fed is going to conduct open market operations if as the new york fed...
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Oct 26, 2012
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with the fiscal cliff looming, and the president says if we don't go over, we have to cut defense spending. what would you, as a u.s. senator, do so save jobs at new mexico's military bases and national laboratories? heather? wilson: an area where we have strong disagreements. congressman heinrich was the only member to vote for the process that will be across the board cuts in january. we already lost 30,000 jobs here in new mexico since he went to congress, and the average household pay is down by $4,000 per family for take home pay. congressman piers didn't vote for this, but congress heinrich did. i'll work to restore defense cuts and avoid the impact to the national security and devra davis sating impact to jobs here in new mexico. >> moderator: martin? heinrich: frankly, i think it's important to remember whose seat we're seeking to fill her. senator bingaman says that bill was a huge distortion, and it was. i voted to ensure as a country we didn't default on obligations. it was the tea party who forced us not to pass a clean piece of legislation, and i think what's important is that
with the fiscal cliff looming, and the president says if we don't go over, we have to cut defense spending. what would you, as a u.s. senator, do so save jobs at new mexico's military bases and national laboratories? heather? wilson: an area where we have strong disagreements. congressman heinrich was the only member to vote for the process that will be across the board cuts in january. we already lost 30,000 jobs here in new mexico since he went to congress, and the average household pay is...
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Sep 24, 2012
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cliff. mandatory budget cuts that would take effect in january if the gridlock congress finds no agreement on targeted cuts. >> something has to change so that both parties see that they have more to gain from doing than to the doing. and i think what will happen is when the election occurs, let's say the president wins. i believe he will. if he wins, then he can't run again, the calculus of the congress will change. they will be facing this fiscal cliff, and if doing exactly what it intended to do it will force them to concentrate. i believe there will be a lame duck session of congress in which they will either reach the beginnings of a budget deal or more likely agree to some sort of period of time to avoid the fiscal cliff and make the budget deal then. i think that as soon as this election is over the incentive for gridlock will go way down and the incentives for action will go way up. >> jeff: california could become the fifth state tow eliminate the death penalty if voters there appro
cliff. mandatory budget cuts that would take effect in january if the gridlock congress finds no agreement on targeted cuts. >> something has to change so that both parties see that they have more to gain from doing than to the doing. and i think what will happen is when the election occurs, let's say the president wins. i believe he will. if he wins, then he can't run again, the calculus of the congress will change. they will be facing this fiscal cliff, and if doing exactly what it...
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Nov 28, 2012
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we have a fiscal curve/cliff/mole hill, however you choose to describe it, that includes, of course, the bush tax cuts, but also, the bigger piece is sequestration and the payroll tax cut again. another fight the president has had before. what do you make of his focus only on the bush tax cuts and specifically the middle income earners. >> this was a theme throughout the campaign, something he came out early on and hit hard on. it underscores this larger issue about inequality in this country which is an economic problem. you can't have a sustained recovery when 98% of the population hasn't gotten a raise in the last few years or decades depending on who they are. i think people are starting to focus on that. i think this issue of taxes is crucial of that. i think if we're going to go to the other cuts that need to happen, the entitlement reform you need to have a sense from the population that the rich are doing their part, that there is a sort of social cohesion. you can look to europe and see what happens when you don't have that. >> the president spoke in his comments effectively
we have a fiscal curve/cliff/mole hill, however you choose to describe it, that includes, of course, the bush tax cuts, but also, the bigger piece is sequestration and the payroll tax cut again. another fight the president has had before. what do you make of his focus only on the bush tax cuts and specifically the middle income earners. >> this was a theme throughout the campaign, something he came out early on and hit hard on. it underscores this larger issue about inequality in this...
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Nov 18, 2012
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. >> governor jindal, about what the debate going on in washington right now about the fiscal cliff. president obama says let's extend the bush tax cuts, the lower tax rates for 98% of all taxpayers, including the middle class right now. i'll sign it today and took out his pen at the news conference. and the republicans saying, no, no, no, we can't do that until we decide what we are going to do with the top two percent of taxpayers. why wouldn't a middle class voter look at that and say these guys in the gop are all about protecting the rich? >> chris, two things. one, we as a republican party need to make it very clear, and we are going to make it very clear we around the party of big. business businesses, big banks, big wall street, big bailouts. when it comes to the tax code, we are for a lower, simpler, platter tax code. you there were ideas to limit deductions for the wealthy, there have been ideas to get rid of some of these things but we aren't the party trying to broke the rich. they can protect themselves. we are the party that wants pro growth period. let the democratic pa
. >> governor jindal, about what the debate going on in washington right now about the fiscal cliff. president obama says let's extend the bush tax cuts, the lower tax rates for 98% of all taxpayers, including the middle class right now. i'll sign it today and took out his pen at the news conference. and the republicans saying, no, no, no, we can't do that until we decide what we are going to do with the top two percent of taxpayers. why wouldn't a middle class voter look at that and say...
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gregg: this lawmakers do not reach a deal with regard to the fiscal cliff cuts will go into the defense department. >> reporter: the whole package of spending cuts is $1.2 trillion, half to the defense department. the army, navy, air force marines would take equal cuts according to one analyst who says the impact on the military overall will be, quote, very serious. >> the pentagon and the departments are already in financial trouble, because there has already been a $480 billion cut that is being applied right now as we speak. to take another cut on top of that is devastating. >> reporter: it's not just the military itself that will take a hit, also the defense industry, defense contractors, private companies that do work for the pentagon. one democratic congressman in northern virginia whose district maybe hit the hardest by all of this says it could mean layoffs. >> the large defense contractors will probably be okay, they have significant cash reserves, most of them. the smaller contractors would have trouble getting their lines of credit extended, trouble keeping their employees, i
gregg: this lawmakers do not reach a deal with regard to the fiscal cliff cuts will go into the defense department. >> reporter: the whole package of spending cuts is $1.2 trillion, half to the defense department. the army, navy, air force marines would take equal cuts according to one analyst who says the impact on the military overall will be, quote, very serious. >> the pentagon and the departments are already in financial trouble, because there has already been a $480 billion...
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Dec 19, 2012
12/12
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WJZ
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the so-called fiscal cliff is now just two weeks away. that's the day that tax hikes for most americans and huge across-the-board spending cuts in the federal budget will kick in unless a budget deal the reached. well, today house speaker john boehner rolled out what he calls plan "b" in case that he and the president can't strike a deal. the nancy cordes is at the capitol for us tonight. nancy? >> reporter: scott, this is speaker boehner acknowledging that they are running out of time. so he's calling a vote on a plan later this week that he know it is white house won't like in the hopes they'll make big concessions in talks now to avoid it. >> our plan "b" would protect american taxpayers. >> reporter: speaker boehner said he'll take his plan directly to the house floor with a bill to extend the low bush-era tax rates for all americans making less than one million dollars a year. that's far higher than the $400 income cutoff the president is currently proposing. higher still than president obama's campaign promise-- to let taxes rise on
the so-called fiscal cliff is now just two weeks away. that's the day that tax hikes for most americans and huge across-the-board spending cuts in the federal budget will kick in unless a budget deal the reached. well, today house speaker john boehner rolled out what he calls plan "b" in case that he and the president can't strike a deal. the nancy cordes is at the capitol for us tonight. nancy? >> reporter: scott, this is speaker boehner acknowledging that they are running out...
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Nov 17, 2012
11/12
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. >> the fiscal cliff 45 days away and come new year's day, america could face a $7 trillion nightmare. a series of tax increases and major spending cuts will go into effect unless the white house and capitol hill reach a deal. president obama meeting with congressional leaders yesterday but details of any deal are unclear. democrats want to increase income tax rates on the rich. republicans prefer closing loopholes and eliminating deductions. >> in the middle east, rockets flying and the number of casualties is mounting. our colleague ben wedeman is on the border between israel and gaza. thanks for joining us. we're hearing 30,000 troops are waiting near the border. another 7,000 reservists are being called up. are you seeing evidence that a full-on assault might beeft. >> a lot of armor is on the move. trank tra tank transporters are all around the area. armored carriers as well. there does seem to be an amount of urgency in the deployment of forces around the gaza strip. we saw the iron dome anti-missile system in action. we saw a series of bright lights coming up from the horizon j
. >> the fiscal cliff 45 days away and come new year's day, america could face a $7 trillion nightmare. a series of tax increases and major spending cuts will go into effect unless the white house and capitol hill reach a deal. president obama meeting with congressional leaders yesterday but details of any deal are unclear. democrats want to increase income tax rates on the rich. republicans prefer closing loopholes and eliminating deductions. >> in the middle east, rockets flying...
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Nov 6, 2012
11/12
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KRCB
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they are flagging the approaching fiscal cliff many the u.s. deep spending cuts in t new year will kick in at the same time as the end of some tax breaks. the finance chief caution extreme belt tightening could trigger a slowdown. they mention the japanese government's failure to pass legislation for debt covering bonds. the statement says g 20 developed nations have agreed to present liable reconstruction plans for 2016 and beyond. they called for growth strategies with fiscal reform. they wanto step u public spending to stimulate growth. that's it for this edition of "newsline." stay with us.
they are flagging the approaching fiscal cliff many the u.s. deep spending cuts in t new year will kick in at the same time as the end of some tax breaks. the finance chief caution extreme belt tightening could trigger a slowdown. they mention the japanese government's failure to pass legislation for debt covering bonds. the statement says g 20 developed nations have agreed to present liable reconstruction plans for 2016 and beyond. they called for growth strategies with fiscal reform. they...
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Nov 13, 2012
11/12
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CSPAN
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and all these cuts coming in for a drive over this fiscal cliff. cuts hurt. somebody believes. the aid cut alone would mean that two injured 75,000 people will not get the -- 275, 000 people will not get the treatment they need resulting in 65,000 deaths. broke people. real bleeding. that is why you will hear us making the campaign that cuts should not cost lives. it should not be a hard case to make but it is right now in hall of congress, the senate. maybe even here. i put it to you. we must not let this economic recession become a moral recession. that would be double cruelty. you know, it is not just take away your chances here at home. it might therefore take away your generations shot at the greatness in the wider world. the generation before you outlawed the idea of the color of your skin deciding whether you could vote. it challenge that your sex could decide your future. this generation has the chance to challenge the absurdities of where you give deciding whether you live. [applause] the most vivid example of this for me was a clinic in r
and all these cuts coming in for a drive over this fiscal cliff. cuts hurt. somebody believes. the aid cut alone would mean that two injured 75,000 people will not get the -- 275, 000 people will not get the treatment they need resulting in 65,000 deaths. broke people. real bleeding. that is why you will hear us making the campaign that cuts should not cost lives. it should not be a hard case to make but it is right now in hall of congress, the senate. maybe even here. i put it to you. we must...
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Jun 8, 2012
06/12
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FOXNEWSW
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now there are two big, what we call fiscal cliffs this economy is going over an january 1st. one is the spending cuts which i actually think will help the economy. you showed the debt clock. my gosh, we have $15.5 trillion national debt. we have it start bringing the deficit down. the other one is the tax rate increases. i think, gregg, those are the bigger problem for the economy because i don't think the economy can take the blow of higher capital gains, higher dividend, higher investment taxes next year. >> i think it is $55 billion in defense spending will be cut and rest of it, up to 109 billion. >> right. gregg: would be domestic programs, right? >> but remember --. gregg: does that mean lost jobs? >> no. gregg: no lost jobs over that. >> there will be some dislocation cutting spending but if you agree with the premise that one of the greatest problems in our nation is national debt and overspending in washington when will we get serious about it. i've been in washington, gregg, for 30 years. they always say cut spending now and we'll get to it. these cuts are exactly t
now there are two big, what we call fiscal cliffs this economy is going over an january 1st. one is the spending cuts which i actually think will help the economy. you showed the debt clock. my gosh, we have $15.5 trillion national debt. we have it start bringing the deficit down. the other one is the tax rate increases. i think, gregg, those are the bigger problem for the economy because i don't think the economy can take the blow of higher capital gains, higher dividend, higher investment...
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Nov 11, 2012
11/12
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CNNW
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there are just 51 gaze left until we would go over the so-called fiscal cliff. that is the $7 trillion in automatic spending cuts and tax increases that could go into effect in january, so as washington contemplates its own fiscal responsibility, one group is hoping to make it work on a more personal level right at home. operation hope says its mission is to promote financial dignity in underserved communities, and joining me now is john hope bryant, the group's founder and serves on the president's advisory council on financial capability and former u.n. ambassador andrew young, a global spokesperson for operation hope. you are welcome to both of you. you are having a summit here in atlanta this week. tell me, first, john, about the group's mission and about the summit a little bit. >> well, our mission is very humbly trying to continue some work that dr. martin luther king was doing when he passed on to a better place. he was focused on the poor people's campaign in 1968, and his last book was where we go from here, chaos or community, and i think these are th
there are just 51 gaze left until we would go over the so-called fiscal cliff. that is the $7 trillion in automatic spending cuts and tax increases that could go into effect in january, so as washington contemplates its own fiscal responsibility, one group is hoping to make it work on a more personal level right at home. operation hope says its mission is to promote financial dignity in underserved communities, and joining me now is john hope bryant, the group's founder and serves on the...
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Nov 17, 2012
11/12
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CNNW
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to avertthis so-called fiscal cliff. in addition, several key tax cuts are set to expire that will have a direct impact on many americans. take a look at a couple with one child living in new york earning $100,000. their tax rate jumps from 25% to 28%. they could be hit by the alternative minimum tax, the child tax credit drops from $1,000 to $500, and payroll tax could be $2,000 more the next year. for a single person in michigan going to school half time, his tax rate would stay the same, but he would lose the american education tax credit and have to pay more than $600 in payroll taxes. and even though it's weeks before the changes take effect, the impact is felt because of uncertainty. 401(k) companies have taken a hit. and the next thing to watch for, the retail sector which makes most of its money in the final weeks of the year. black friday is already next week. and retailers are just hoping it doesn't turn into bleak friday. >> i'm shortening down the list a lot. doing the essentials, taking care of the prioritie
to avertthis so-called fiscal cliff. in addition, several key tax cuts are set to expire that will have a direct impact on many americans. take a look at a couple with one child living in new york earning $100,000. their tax rate jumps from 25% to 28%. they could be hit by the alternative minimum tax, the child tax credit drops from $1,000 to $500, and payroll tax could be $2,000 more the next year. for a single person in michigan going to school half time, his tax rate would stay the same, but...
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Dec 11, 2012
12/12
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economy over the fiscal cliff, and around the capitol there's largely the sound of silence as the white house and congress try to work out a deal behind closed doors. the president has no public events on his schedule. and all through the house, not a creature was stirring except, that is, for john boehner, who emerged to gavel the house into session this afternoon after a week's recess with his trademark holiday cheer. >> washington has a spending problem. now, the president doesn't agree with our approach. he's got an obligation to put forward a plan that can pass both chambers of the congress because right now the american people have to be scratching their heads and wondering when is the president going to get serious? >> i'm sorry, i meant his trademark ba ham bug which he's been doling out by the sleigh load. >> there's a stalemate. let's not kid ourselves. we have a debt problem that is out of control. we've got to cut spending. washington has got a spending problem. just more of the same. >> more of the same indeed. and as minority leader nancy pelosi today declared with america
economy over the fiscal cliff, and around the capitol there's largely the sound of silence as the white house and congress try to work out a deal behind closed doors. the president has no public events on his schedule. and all through the house, not a creature was stirring except, that is, for john boehner, who emerged to gavel the house into session this afternoon after a week's recess with his trademark holiday cheer. >> washington has a spending problem. now, the president doesn't...
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Oct 2, 2012
10/12
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WJLA
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automatic tax increases and deep spending cuts would kick in if the country goes over the fiscal cliff. >>> that is significant. look at some numbers. just, throw out numbers look that. doesn't really, doesn't really relate. can't put your mind around it. a married couple with two kids income of $100,000 would pay more, $6,000 more. and then, if some of the child deductions, obama's payroll tax cut, isn't renewed, you won the get tax breaks for each child as well. >> stiffest increases in the history. a big deal. we got to this point because of the super committee, bipartisan committee, did not get the job done. did not come up with a deal. this is what will trigger the fiscal cliff by the end of this year. so, no matter what happens november 6th. they got to get this done before 2013 gets here. >> you got to think they're going to. >> another showdown. the tenth time. >> we need one. >> moving on this morning. another major credit card company is going to pay up to seattle, to settle claims of illegal practices. american express will refund $85 million to 250,000 customers out there.
automatic tax increases and deep spending cuts would kick in if the country goes over the fiscal cliff. >>> that is significant. look at some numbers. just, throw out numbers look that. doesn't really, doesn't really relate. can't put your mind around it. a married couple with two kids income of $100,000 would pay more, $6,000 more. and then, if some of the child deductions, obama's payroll tax cut, isn't renewed, you won the get tax breaks for each child as well. >> stiffest...
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Nov 8, 2012
11/12
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FOXNEWSW
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the fiscal cliff is $440 billion of taxes and $200 billion spending cuts. that is had% of gdp when we're growing one 1/2 2% growth rates. going over the full fiscal cliff is recipe for recession, no question about it. bill: he also says that the most important thing right now for the president to do is reach out to congressional leaders including two of those key republicans, house speaker john boehner, senate minority leader mitch mcconnell. martha: virginia governor bob mcdonnell reacting to the election loss saying the republican party must find a way to better solve their core political message and the delivery. here it is. >> the outrage to newer, voters, minority voters, bret, we got pretty well clobbered across the board. i believe our conservative ideas are better for all those groups, all those people. we have to be more effective. i think our message is better. when young people looking crushing national debt, not being able to get a job when they get out of college i think our message resonates we have to be more effective getting to them early.
the fiscal cliff is $440 billion of taxes and $200 billion spending cuts. that is had% of gdp when we're growing one 1/2 2% growth rates. going over the full fiscal cliff is recipe for recession, no question about it. bill: he also says that the most important thing right now for the president to do is reach out to congressional leaders including two of those key republicans, house speaker john boehner, senate minority leader mitch mcconnell. martha: virginia governor bob mcdonnell reacting to...
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Nov 17, 2012
11/12
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CNN
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what was the fiscal cliff? it was a trigger in the debt ceiling debate. they like them, and it makes you wonder, are we going to be dealing with fiscal cliff 2.0 next year? we might. >> thank you very much. >>> rebuilding the republican party. following some big election day losses, the question remains, what exactly is the republican party's future? former congress carlos gutierrez that led latino voters spoke to candy. he said he would disavow so-called gifts from president obama to minorities and young voters to help him win. >> i was shocked. i was shocked, and frankly, i don't think that's why the republicans lost the elections, why we lost the election. i think we lost the election because the far right of this party has taken the party to a place that it doesn't belong. we are the party of prosperity of growth, of tolerance. these immigrants who come across and what they do wrong is they risk their lives and they come here and work because they want to be part of the american dream. that is what the gop is. >> james carville and raylon salom. do yo
what was the fiscal cliff? it was a trigger in the debt ceiling debate. they like them, and it makes you wonder, are we going to be dealing with fiscal cliff 2.0 next year? we might. >> thank you very much. >>> rebuilding the republican party. following some big election day losses, the question remains, what exactly is the republican party's future? former congress carlos gutierrez that led latino voters spoke to candy. he said he would disavow so-called gifts from president...
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Dec 13, 2012
12/12
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CNNW
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walk any agreement and walk our economy right up to the fiscal cliff. doing that puts jobs in our country in danger. jeopardizes a golden opportunity to make 2013 the year that we enact fundamental tax reform and entitlement reform to begin to solve our country's debt problem and, frankly, revenue problem. as you can see from this chart, real revenue growth is critically important as long as real cuts in spending if we're going to solve our long term fiscal problem. as i said five weeks ago, the election wasn't a mandate to raise taxes on small businesses. it was a mandate for both parties to work together to take on the big challenges that our country is facing. republicans are ready and eager to do just that. we made a reasonable offer. it's now up to the white house to show us how they'll cut spending and give us the balanced agreement that the president has talked about for week. if the president will step up and show us he's willing to make the spending cuts that are needed, i think we can do some real good in the days ahead. if not, he wants to ke
walk any agreement and walk our economy right up to the fiscal cliff. doing that puts jobs in our country in danger. jeopardizes a golden opportunity to make 2013 the year that we enact fundamental tax reform and entitlement reform to begin to solve our country's debt problem and, frankly, revenue problem. as you can see from this chart, real revenue growth is critically important as long as real cuts in spending if we're going to solve our long term fiscal problem. as i said five weeks ago,...
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going into effect my next guest says the fiscal cliff is simply y2k fair all over again which amounted to nothing as i recall i agree we're not going to go over the cliff will hug him you know new year's eve he will be out of the work. so basically lots of speculation and very little substance but i can't say i'm not surprised particular day when i look at the recent rhetoric from this do nothing congress take us for example armed services committee just describe the looming defense cuts as quote an unacceptable risk that will quote severely diminished america's global posture right this would be devastating to a country that right now spends as much on its military as the next ten countries combined so would this be the end of defense as we know it that's exactly the question that my next case explored on a panel called the fiscal cliff what does this mean for defense and national security i'm joined now by colonel douglas macgregor thank you so much for taking the time sure so there is so much hype about this lawmakers are saying that this would be absolutely paralyzing to the milita
going into effect my next guest says the fiscal cliff is simply y2k fair all over again which amounted to nothing as i recall i agree we're not going to go over the cliff will hug him you know new year's eve he will be out of the work. so basically lots of speculation and very little substance but i can't say i'm not surprised particular day when i look at the recent rhetoric from this do nothing congress take us for example armed services committee just describe the looming defense cuts as...
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Nov 27, 2012
11/12
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CNNW
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. >> and tell us about obviously the fiscal cliff being the tax hikes and the spending cuts, how does greece factor into this as well? we see protests, how does that relate who-to-what's happening in the united states? >> greece slowly, surely, painfully, undeniably, inevitably, moving to the position that most economists said we would be in or should be in, and that is that the debt level of greece was unsustainable. they've had several bites of chair are the factor night of the week is they need to cut the debt, cut the interest rate, take their foot off the throat of greece. allow the country to grow. it's going to be painful still for the people of greece. but now perhaps for the first time, we're seeing some real honest deals being made in the cold light of day. one thing that you and i need to think about, as weeks go on, i think that you and i need to have what we call in britain a swear box when we talk to each other. each time one or other of us says that phrase fiscal cliff, that's a dollar to a charity of our choice. >> okay. we can do that. we'll give it a try. hopefully w
. >> and tell us about obviously the fiscal cliff being the tax hikes and the spending cuts, how does greece factor into this as well? we see protests, how does that relate who-to-what's happening in the united states? >> greece slowly, surely, painfully, undeniably, inevitably, moving to the position that most economists said we would be in or should be in, and that is that the debt level of greece was unsustainable. they've had several bites of chair are the factor night of the...
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Nov 10, 2012
11/12
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CNN
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i'm talking about the fiscal cliff. those drastic spending cuts and tax hikes that kick in if president obama and congress don't strike a budget deal by the end of the year. tom foreman reports the president could get some pointers from a former president who was also a master negotiator, abraham lincoln. >> reporter: for those looking for inspiration in these troubled times, the new movie "lincoln" may be just what the director ordered. by all accounts, a mix of personal and political wisdom. >> it is a self-evident truth of things which are equal to the same thing are equal to each other. >> reporter: at the white house, president obama has long admired the 16th president. he took the oath on the same bible lincoln used. he stopped by the lincoln memorial. he often reads about lincoln and he's quite fond of quoting the rail splitter. >> i'm far more mindful of my own failings knowing exactly what lincoln meant when he said i have been driven to my knees many times by the overwhelming conviction that i had no place els
i'm talking about the fiscal cliff. those drastic spending cuts and tax hikes that kick in if president obama and congress don't strike a budget deal by the end of the year. tom foreman reports the president could get some pointers from a former president who was also a master negotiator, abraham lincoln. >> reporter: for those looking for inspiration in these troubled times, the new movie "lincoln" may be just what the director ordered. by all accounts, a mix of personal and...